Only 8% of Americans plan to refinance their mortgage in the next year, down from 16% in October 2002, according to the Cambridge Consumer Credit Index.The index survey found that 35% of those surveyed had refinanced in the past two years, up from 24% in 2002, and that 57% have not refinanced and have no intention to do so. Regarding spending plans, 30% of the respondents said they plan to use money saved from refinancing to pay off non-credit-card debt (such as car loans), 23% plan to increase their savings, 22% plan to spend the money on major purchases (such as home improvements or cars), and 10% plan to pay off credit card debt. The index can be found online at http://www.cambridgeconsumerindex.com.

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